(A) The Common Council of the city hereby establishes the Deferred Compensation Plan of the city for the voluntary participation of all eligible city employees, elected officials and independent contractors.
(B) The Mayor or his designee is hereby authorized to execute on behalf of the city any and all participation agreements with each participant requesting same. Furthermore, the Mayor is hereby authorized to execute all agreements necessary to implement the plan, including the Deferred Compensation Plan, two copies of which are on file with the office of the City Clerk and made available for public inspection, according to law.
(C) There shall be no cost to, nor contribution by, the city for implementing said plan, other than incidental expenses, such incidental expenses including but not limited to the collecting and disbursing of participants, deferrals and other minor administrative matters.
('74 Code, § 12-5.2) (Ord. S-220-82, passes 12-14-82)